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The Turkish Lira with Another Record decline
The collapse of the Turkish lira stopped. It rose sharply against the dollar after President Recep Tayyip Erdogan announced a series of measures against currency devaluation.
It ended yesterday with a 20% higher rate, Reuters reports.
The measures include deposit guarantees, which would encourage Turks not to exchange local currency for foreign currency.
"From now on, none of our citizens will feel the need to change their deposits in liras to those in foreign currency. Once we cut the interest rate, you will see how inflation will start to fall in a few months," said Turkish President Recep Tayyip Erdogan.
After falling to 18.50 TRY per USD last week, the rate rose to 14.90 on Monday. The fall of the dollar on world markets also had some impact due to doubts about the adoption of Joe Biden's major investment plan.
Despite the increase, financial experts warn that the situation in Turkey is out of control. In one month, the Turkish lira depreciated by 35 percent and most forecasts suggest that it may lose more of its value.
/OFFNews
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